Specialty retailer Five Below named current COO and industry veteran Joel Anderson as president and CEO, effective Feb.1., 2015. Anderson has also been elected a member of the company's board of directors. Current CEO and co-founder, Tom Vellios, who will work with Anderson to ensure a smooth transition, will remain active in the company as executive chairman.

Joel Anderson, president and chief executive officer of Walmart.com., has left the online giant to assume the role of president at Five Below, which targets pre-teens and teens with trendy, extreme-value merchandise priced at $5 and below. Walmart has appointed Fernando Madeira, CEO of Walmart.com's Latin America unit, as the new head of Walmart.com. He will relocate from Sao Paulo, Brazil, to San Bruno, California, where Wal-Mart’s global e-commerce operation is based.

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